Crypto NFT Today: April Week 2

Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.

With Hong Kong likely to approve Spot Bitcoin ETFs soon, Bitcoin reaching $70,000 this week despite the nation’s struggle with inflation, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening! 

Hong Kong To Approve Spot Bitcoin ETFs

According to Reuters, insiders familiar with the matter suggest that Hong Kong crypto regulators are poised to greenlight the initial batch of applications for spot bitcoin exchange-traded funds (ETFs) next week. If approved, these products could potentially commence trading in April. This development could position Australia and Hong Kong as the leading jurisdictions in Asia to introduce spot bitcoin ETFs, while Singapore and the UAE currently show no signs of similar initiatives.

Reportedly, Hong Kong’s regulatory authorities have expedited the approval process. Notably, major players like Harvest Global Investments and VSFG, in collaboration with Value Partners, have submitted applications to the Securities and Futures Commission (SFC) for a spot ETF, as per CoinDesk’s report.

Bitcoin Reached $70K Despite US Inflation

On April 10, Bitcoin rebounded to $70,000 after dropping in response to higher-than-expected U.S. inflation figures for March. Early in the U.S. trading session, BTC fell by almost 4% to $67,500 following a government report indicating a faster increase in the Consumer Price Index (CPI) than analysts had predicted. This led investors to adjust their expectations for potential rate cuts in the year ahead.

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The downturn affected various asset classes, including bitcoin, but the crypto gradually recovered all losses and even saw a 1% increase over the previous 24 hours. Bitcoin’s performance outpaced U.S. stocks and gold, both of which experienced significant declines for the day. At the time of reporting, Bitcoin had slightly retreated from the $70,000 mark, trading at $69,800.

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Uniswap Receives Notice From The SEC 

Decentralized crypto exchange Uniswap revealed that it had received a notice from the U.S. Securities and Exchange Commission (SEC) indicating its intention to pursue an enforcement action. Following this announcement, Uniswap’s native token, UNI, experienced an immediate 9.5% decline.

Dogecoin Making More Millionaires

In 2021, Dogecoin captured widespread attention across the internet following remarks made by Elon Musk and a substantial following on social media. Experiencing some of the most remarkable price surges in financial history, the token has soared by over 33,000% since its inception in 2013. 

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By comparison, during the peak of 2021, the maximum quantity of DOGE held by a single wallet exceeded 5 billion DOGE, equating to roughly $3.5 billion. Remarkably, the proprietor of this wallet has refrained from liquidating any DOGE holdings, resulting in its current valuation surpassing $1 billion.